SHENZHEN -- Nam Tai Electronics today said the Shenzhen government has agreed to release a 1.2 million sq. ft. parcel of land in the Guangming Hi-Tech Industrial Park.

The transfer of land to the EMS company is underway and expects the process to be completed by the end of December.

"The release of the land is an important development for the continuity of company's manufacturing facility and coincides with the Shenzhen government's recently announced city rezoning project to redevelop the land that encompasses the company's existing Shenzhen facility into a high-end commercial district, making it unsuitable for any manufacturing factory thereafter," Nam Tai said in a press release. "Subsequent to this relocation, the company will continue to hold the existing location of its Shenzhen manufacturing facility as a significant valuable asset for the time being."